Cash Deposit limit & IRS

Discussion in 'Technical Queries' started by kenymai, Oct 28, 2008.

  1. kenymai

    kenymai

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    There are plenty of sources out there state the 10,000 cash (or less) deposit limit for the reporting to the IRS. On a Taxation's view, would any Cash deposit subject to "income tax"? Moreover, is the 10,000Cash limit by day, monthly, yearly?

    For Example,

    I've received 5000 dollars in cash Today, and deposit to checking. Within 20days, I pay off 4000 of my student loan. exactly 30days later, I receive another 6000 dollars in Cash, and I paid rest of the student loan, which is 5000 dollars.

    Now, 11,000 would classify as "Income Tax"? or the 2000 that is left after all the loans are paid? Moreover, is the 11,000 subject to report to the IRS?

    Thanks in advance.
     
    kenymai, Oct 28, 2008
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